April 23, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates, Series 1998-1.
File No. 333-24453.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement
dated as of January 1, 1998 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, as
Depositor (the "Depositor"), Mellon Mortgage Company, as seller (the
"Seller") and as master servicer (the "Master Servicer"), and
Bankers Trust Company of California, N.A., as trustee (the
"Trustee") is a Current Report on Form 8-K (the "Report").
The Mortgage Pass-Through Certificates, Series 1998-1
(collectively, the "Certificates") will represent the entire
beneficial interest in Mellon Bank Home Equity Installment Loan
Trust 1997-1 (the "Trust Fund"). The Trust Fund will consist
primarily of a pool (the "Mortgage Pool") of fixed-rate Mortgage
Loans secured by first or second liens on one- to four-family
residential properties. Only Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, and Class B (collectively, the "Offered
Certificates") are offered hereby.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-3911). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Mellon Bank Residential Funding Mortgage
Pass-Through Certificates, Series 1998-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 1998
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of January 1, 1998, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series 1998-1.
MELLON RESIDENTIAL FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24453 23-2889067
(Commission File Number) (I.R.S. Employer
Identification No.)
ONE MELLON BANK CENTER, ROOM 410
PITTSBURGH, PENNSYLVANIA 15258
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (412) 236-6559
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of January 1, 1998.
Date: April 23, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 4
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 1998. 11
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 294,377,000.00 1,594,542.08 3,915,162.95
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
A-5 70,826,000.00 70,826,000.00 383,640.83 905,133.08
X* 533,109,991.55 533,109,991.55 408,259.13 0.00
B-1 7,996,000.00 7,996,000.00 43,311.67 8,549.08
B-2 2,665,000.00 2,665,000.00 14,435.42 2,849.34
B-3 2,665,000.00 2,665,000.00 14,435.42 2,849.34
B-4 3,465,000.00 3,465,000.00 18,768.75 3,704.67
B-5 1,599,000.00 1,599,000.00 8,661.25 1,709.60
B-6 1,601,892.00 1,601,892.00 8,676.92 1,712.70
A-R 100.00 100.00 0.54 100.00
TOTALS 533,109,992.00 533,109,992.00 3,295,938.26 4,841,770.76
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
A-1 5,509,705.03 0.00 0.00 290,461,837.05
A-2 417,365.00 0.00 0.00 77,052,000.00
A-3 134,934.58 0.00 0.00 24,911,000.00
A-4 248,906.67 0.00 0.00 45,952,000.00
A-5 1,288,773.91 0.00 0.00 69,920,866.92
X* 408,259.13 0.00 0.00 528,268,220.79
B-1 51,860.75 0.00 0.00 7,987,450.92
B-2 17,284.76 0.00 0.00 2,662,150.66
B-3 17,284.76 0.00 0.00 2,662,150.66
B-4 22,473.42 0.00 0.00 3,461,295.33
B-5 10,370.85 0.00 0.00 1,597,290.40
B-6 10,389.62 0.00 0.00 1,600,179.30
A-R 100.54 0.00 0.00 0.00
TOTALS 8,137,709.02 0.00 0.00 528,268,221.24
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 1000.000000 5.416667 13.299826
A-2 585525AB6 1000.000000 5.416667 0.000000
A-3 585525AC4 1000.000000 5.416667 0.000000
A-4 585525AD0 1000.000000 5.416667 0.000000
A-5 585525AE8 1000.000000 5.416667 12.779672
X* 585525AF5 1000.000000 0.765807 0.000000
B-1 585525AH1 1000.000000 5.416667 1.069170
B-2 585525AJ7 1000.000000 5.416668 1.069171
B-3 585525AK4 1000.000000 5.416668 1.069171
B-4 585525AL2 1000.000000 5.416667 1.069169
B-5 585525AM0 1000.000000 5.416667 1.069168
B-6 585525AN8 1000.000000 5.416670 1.069173
A-R 585525AG3 1000.000000 5.400000 1,000.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
A-1 18.716493 986.700174 6.500000 6.500000
A-2 5.416667 1,000.000000 6.500000 6.500000
A-3 5.416667 1,000.000000 6.500000 6.500000
A-4 5.416667 1,000.000000 6.500000 6.500000
A-5 18.196339 987.220328 6.500000 6.500000
X* 0.765807 990.917877 0.918968 0.917396
B-1 6.485837 998.930830 6.500000 6.500000
B-2 6.485839 998.930829 6.500000 6.500000
B-3 6.485839 998.930829 6.500000 6.500000
B-4 6.485835 998.930831 6.500000 6.500000
B-5 6.485835 998.930832 6.500000 6.500000
B-6 6.485843 998.930827 6.500000 6.500000
A-R 1,005.400000 0.000000 6.500000 6.500000
SELLER: MELLON BANK, N.A. ADMINISTRATOR: BARBARA CAMPBELL
SERVICER: MELLON BANK, N.A. BANKERS TRUST COMPANY
LEAD UNDERWRITER:MELLON FINANCIAL MARKETS, INC. 3 PARK PLAZA
RECORD DATE: JANUARY 30, 1998 IRVINE,CA 92614
DISTRIBUTION DATE: FEBRUARY 25, 1998 FACTOR INFORMATION:(800) 735-7777
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
1 TO 30 31 TO 60 61 TO 90 91
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS DAYS TOTAL
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
FORECLOSURE LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
REO LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
BANKRUPTCY LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
TOTAL
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.00000% 0.000000% 0.000000% 0.000000% 0.000000%
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL GROUP1 GROUP2 TOTAL
SCHEDULED PRINCIPAL RECEIVED 335,971.62 233,988.28 569,959.90
PREPAYMENTS & CURTAILMENTS 59,654.72 (140,614.13) (80,959.41)
REPURCHASES/SUBSTITUTIONS 3,532,235.43 820,534.84 4,352,770.27
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 278,424.75 191,948.93 470,373.68
LESS:DELINQUENT PRINCIPAL (278,424.75) (191,948.93) (470,373.68)
TOTAL PRINCIPAL 3,927,861.77 913,908.99 4,841,770.76
SOURCES OF INTEREST
SCHEDULED INTEREST 2,949,614.79 457,388.04 3,407,002.83
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS:DELINQUENT INTEREST (2,422,983,42) (372,681.72) (2,795,665.14)
LESS:PPIS (769.36) (181.60) (950.96)
LESS:CURRENT SERVICING FEES (17,111.70) (2,835.11) (19,946.81)
LESS:REALIZED LOSSES 769.36 181.60 950.96
PLUS:COMPENSATING INTEREST 0.00 0.00 0.00
PLUS:INTEREST ADVANCED AMOUNT 2,344,360.94 360,186.44 2,704,547.38
TOTAL INTEREST 2,853,880.61 442,057.65 3,295,938.26
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED SERVICER 0.00 0.00 0.00
TOTAL SOURCES 6,781,742.38 1,355,966.64 8,137,709.02
TOTAL REMITTANCE DUE 8,137,709.02
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
SERVICING FEES GROUP 1 GROUP 2 TOTAL
ACCRUED SERVICING FEES FOR
THE CURRENT PERIOD 17,111.70 2,835.11 19,946.81
REALIZED LOSSED GROUP 1 GROUP 2 TOTAL
PRIOR CUMULATIVE RELIZED LOSS 0.00 0.00 0.00
CURRENT REALIZED LOSS 0.00 0.00 0.00
TOTAL REALIZED LOSS 0.00 0.00 0.00
POOL INFORMATION GROUP 1 GROUP 2 TOTAL
PRIOR PRINCIPAL BALANCE 459,524,097.52 73,585,894.03 533,109,991.55
CURRENT PRINCIPAL BALANCE 455,596,235.75 72,671,985.04 528,268,220.79
OF POOL
PRIOR NUMBER OF LOANS 1,467 231 1,698
CURRENT NUMBER OF LOANS 1,457 228 1,685
NUMBER OF LOANS PAID IN FULL 10 3 13
CURRENT WEIGHTED AVERAGE 7.70262% 7.45884%
MORTGAGE RATE
NEXT WEIGHTED AVERAGE 7.70159 7.45302%
MORTGAGE RATE
WEIGHTED AVERAGE TERM 355 174
TO MATURITY
TRIGGER EVENTS GROUP 1 GROUP 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT GROUP 1 GROUP 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.000000%
SENIOR PERCENTAGE 96.25003% 96.24943%
SUBORDINATION PERCENTAGE 3.74997% 3.75057%
SENIOR CREDIT DEPLETION DATE? NO NO
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 290,461,837.05 1,532,951.60 22,920,152.64
A-2 77,052,000.00 77,052,000.00 406,652.34 0.00
A-3 24,911,000.00 24,911,000.00 131,471.17 0.00
A-4 45,952,000.00 45,952,000.00 242,517.89 0.00
A-5 70,826,000.00 69,920,866.92 368,752.28 4,020,395.65
X* 533,109,991.55 528,268,220.79 393,463.35 0.00
B-1 7,996,000.00 7,987,450.92 42,995.67 8,279.35
B-2 2,665,000.00 2,662,150.66 14,330.09 2,759.44
B-3 2,665,000.00 2,662,150.66 14,330.09 2,759.44
B-4 3,465,000.00 3,461,295.33 18,631.81 3,587.79
B-5 1,599,000.00 1,597,290.40 8,598.06 1,655.66
B-6 1,601,892.00 1,600,179.30 8,613.62 1,658.66
A-R 100.00 0.00 0.00 0.00
TOTALS 533,109,992.00 528,268,221.24 3,183,307.97 26,961,248.63
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
A-1 24,453,104.24 0.00 0.00 267,541,684.41
A-2 406,652.34 0.00 0.00 77,052,000.00
A-3 131,471.17 0.00 0.00 24,911,000.00
A-4 242,517.89 0.00 0.00 45,952,000.00
A-5 4,389,147.93 0.00 0.00 65,900,471.27
X* 393,463.35 0.00 0.00 501,306,972.16
B-1 51,275.02 0.00 0.00 7,979,171.57
B-2 17,089.53 0.00 0.00 2,659,391.22
B-3 17,089.53 0.00 0.00 2,659,391.22
B-4 22,219.60 0.00 0.00 3,457,707.54
B-5 10,253.72 0.00 0.00 1,595,634.74
B-6 10,272.28 0.00 0.00 1,598,520.64
A-R 0.00 0.00 0.00 0.00
TOTALS 30,144,556.60 0.00 0.00 501,306,972.61
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 986.700174 5.207444 77.859862
A-2 585525AB6 1000.000000 5.277635 0.000000
A-3 585525AC4 1000.000000 5.277635 0.000000
A-4 585525AD0 1000.000000 5.277635 0.000000
A-5 585525AE8 987.220328 5.206454 56.764404
X* 585525AF5 990.917877 0.738053 0.000000
B-1 585525AH1 998.930830 5.377147 1.035436
B-2 585525AJ7 998.930829 5.377144 1.035437
B-3 585525AK4 998.930829 5.377144 1.035437
B-4 585525AL2 998.930831 5.377146 1.035437
B-5 585525AM0 998.930832 5.377148 1.035435
B-6 585525AN8 998.930827 5.377154 1.035438
A-R 585525AG3 0.000000 0.000000 0.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
A-1 83.067306 908.840312 6.500000 6.500000
A-2 5.277635 1,000.000000 6.500000 6.500000
A-3 5.277635 1,000.000000 6.500000 6.500000
A-4 5.277635 1,000.000000 6.500000 6.500000
A-5 61.970857 930.455924 6.500000 6.500000
X* 0.738053 940.344357 0.917396 0.909799
B-1 6.412584 997.895394 6.500000 6.500000
B-2 6.412582 997.895392 6.500000 6.500000
B-3 6.412582 997.895392 6.500000 6.500000
B-4 6.412583 997.895394 6.500000 6.500000
B-5 6.412583 997.895397 6.500000 6.500000
B-6 6.412592 997.895389 6.500000 6.500000
A-R 0.000000 0.000000 6.500000 6.500000
SELLER: MELLON MORTGAGE COMPANY ADMINISTRATOR: BARBARA CAMPBELL
SERVICER: MELLON MORTGAGE COMPANY BANKERS TRUST COMPANY
LEAD UNDERWRITER:MELLON FINANCIAL MARKETS, INC. 3 PARK PLAZA
RECORD DATE: FEBRUARY 27, 1998 IRVINE,CA 92614
DISTRIBUTION DATE: MARCH 25, 1998 FACTOR INFORMATION:(800) 735-7777
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
1 TO 30 31 TO 60 61 TO 90 91
DELINQUENT LOAN DAYS DAYS DAYS DAYS TOTAL
INFORMATION
GROUP 1
PRINCIPAL BALANCE 5,476,494.60 0.00 0.00 0.00 5,476,494.06
PERCENTAGE OF POOL 1.26576% 0.000000% 0.000000% 0.000000% 1.26576%
BALANCE
NUMBER OF LOANS 18 0 0 0 18
PERCENTAGE OF LOANS 1.29403% 0.000000% 0.000000% 0.000000% 1.29403%
GROUP 2
PRINCIPAL BALANCE 515,622.05 0.00 0.00 0.00 515,622.05
PERCENTAGE OF POOL 0.75116% 0.000000% 0.000000% 0.000000% 0.75116%
BALANCE
NUMBER OF LOANS 2 0 0 0 2
PERCENTAGE OF LOANS 0.91324% 0.000000% 0.000000% 0.000000% 0.91324%
FORECLOSURE LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
REO LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BANKRUPTCY LOAN INFORMATION
GROUP 1
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
GROUP 2
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
BALANCE
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
TOTAL
GROUP 1
PRINCIPAL BALANCE 5,476,494.60 0.00 0.00 0.00 5,476,494.06
PERCENTAGE OF POOL 1.26576% 0.000000% 0.000000% 0.000000% 1.26576%
BALANCE
NUMBER OF LOANS 18 0 0 0 18
PERCENTAGE OF LOANS 1.29403% 0.000000% 0.000000% 0.000000% 1.29403%
GROUP 2
PRINCIPAL BALANCE 515,622.05 0.00 0.00 0.00 515,622.05
PERCENTAGE OF POOL 0.75116% 0.000000% 0.000000% 0.000000% 0.75116%
BALANCE
NUMBER OF LOANS 2 0 0 0 2
PERCENTAGE OF LOANS 0.91324% 0.000000% 0.000000% 0.000000% 0.91324%
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL GROUP1 GROUP2 TOTAL
SCHEDULED PRINCIPAL RECEIVED 322,927.47 224,404.51 547,331.98
PREPAYMENTS & CURTAILMENTS 22,609,430.31 3,804,486.34 26,413,916.65
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 288,850.77 199,792.23 488,643.00
LESS:DELINQUENT PRINCIPAL (288,850.77) (199,792.23) (488,643.00)
TOTAL PRINCIPAL 22,932,357.78 4,028,890.85 26,961,248.63
SOURCES OF INTEREST
SCHEDULED INTEREST 2,924,012.94 451,354.89 3,375,367.83
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS:DELINQUENT INTEREST (2,487,816.42) (382,582.74) (2,870,399.16)
LESS:PPIS (84,915.40) (13,477.85) (98,393.25)
LESS:CURRENT SERVICING FEES (14,117.15) (2,272.12) (16,389.27)
LESS:REALIZED LOSSES 0.00 0.00 0.00
PLUS:COMPENSATING INTEREST 14,117.15 2,272.12 16,389.27
PLUS:INTEREST ADVANCED AMOUNT 2,407,017.69 369,714.86 2,776,732.55
TOTAL INTEREST 2,758,298.81 425,009.16 3,183,307.97
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED SERVICER 0.00 0.00 0.00
TOTAL SOURCES 25,690,656.59 4,453,900.01 30,144,556.60
TOTAL REMITTANCE DUE 30,144,556.60
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
SERVICING FEES GROUP 1 GROUP 2 TOTAL
ACCRUED SERVICING FEES FOR
THE CURRENT PERIOD 14,117.15 2,272.12 16,389.27
REALIZED LOSSED GROUP 1 GROUP 2 TOTAL
PRIOR CUMULATIVE
REALIZED 0.00 0.00 0.00
CURRENT REALIZED LOSS 0.00 0.00 0.00
TOTAL REALIZED LOSS 0.00 0.00 0.00
POOL INFORMATION GROUP 1 GROUP 2 TOTAL
PRIOR PRINCIPAL BALANCE 455,596,235.75 72,671,985.04 528,268,220.79
CURRENT PRINCIPAL BALANCE 432,663,877.97 68,643,094.19 501,306,972.16
OF POOL
PRIOR NUMBER OF LOANS 1,457 228 1,685
CURRENT NUMBER OF LOANS 1,391 219 1,610
NUMBER OF LOANS PAID IN FULL 66 9 75
CURRENT WEIGHTED AVERAGE 7.70159% 7.45302%
MORTGAGE RATE
NEXT WEIGHTED AVERAGE 7.69421% 7.44293%
MORTGAGE RATE
WEIGHTED AVERAGE TERM 354 173
TO MATURITY
TRIGGER EVENTS GROUP 1 GROUP 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT GROUP 1 GROUP 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.000000%
SENIOR PERCENTAGE 96.22047% 96.21433%
SUBORDINATION PERCENTAGE 3.77953% 3.78567%
SENIOR CREDIT DEPLETION DATE? NO NO
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
UNPAID INTEREST SHORTFALL PRIOR CURRENT
CLASS A-1 0.00 0.00
CLASS A-2 0.00 0.00
CLASS A-3 0.00 0.00
CLASS A-4 0.00 0.00
CLASS A-5 0.00 0.00
CLASS X 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
CLASS A-R 0.00 0.00
LOSS COVERAGE
CURRENT SPECIAL HAZARD LOSS COVERAGE AMOUNT 5,962,125.43
CURRENT FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
